British film industry handed financial boost
The European Union has approved plans to extend tax breaks for the British film industry
Britain could become the home of more blockbuster movies after the industry received a significant financial boost.
Government efforts to extend tax breaks for the industry have been approved by the European Union, meaning film production companies can claim tax relief of 25 percent payable towards the cost of production, thereby increasing the likelihood of more big-budget movies being made in the country.
Amanda Nevill, chief executive of UK film body the British Film Institute, said: "The film tax relief is a key ingredient in the UK's winning combination of outstanding film-making talent and crews, world-leading studios and facilities, and iconic locations.
"It keeps us competitive on the world stage, and helps grow our economy and create jobs at home.
"We warmly welcome this extension to the tax relief and the government's continued commitment to the UK's thriving film industry."
Already, the tax breaks have funded £8 billion of production costs, including films like 'Gravity' and the 'Harry Potter' franchise, which stars some of Britain's most popular young actors, such as Daniel Radcliffe and Emma Watson.
Some 222 films received such support in 2014, according to the UK government.